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STARPHARMA HOLDINGS LIMITED (SPL)


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General Information
Company Name: Starpharma Holdings Limited
Stock Code: SPL
Website: www.starpharma.com
GICS Sub-Industry: Biotechnology
Market Cap ($M): 245
Equiv. Shares (M): 284

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 0.870 $ 0.885 $ 0.895 $ 0.850 $ 0.865 913,695 $ 0.005  0.578 %

Current Broker Consensus Recommendation more
Recommendation: Buy
Recommendation Date: 5th Apr 2013
12 Month Target Price (average): $1.79
Brokers Surveyed: 1

Company Overview

Business Description:
Starpharma Holdings Limited (SPL) is engaged in the development of dendrimers products for pharmaceuticals, life science and other applications. SPL has two operating companies, Starpharma Pty. Ltd. in Australia and Dendritic Nanotechnologies,Inc. in USA.

Strategy Analysis:
Starpharma Holdings reported a net loss of $1.83m for the half-year ended 31 December 2012. Revenues from ordinary activities were $1.29m, up 24% from last year. Basic and Diluted EPS was (1.0) cent compared to (2.0) cents last year. The net operating cash outflow was $10.24m compared to an outflow of $3.9m in the pcp. No dividend was declared.

Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2014  F -8.5 -2.7 -- -31.9 0.0 0.0 0.0
2013  F -8.5 -2.9 -- -29.5 0.0 0.0 0.0
2012  A -14.5 -5.4 -- -25.0 -- -- 0.0
Source: Morningstar analyst estimates.

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F
CSL (CSL) $30,092 M 0.0878 0.2981 0.1367 32.2743 24.8623 21.8733 0.0136 0.0173 0.0194
Mesoblast (MSB) $1,899 M -- -- -- -- -- -- 0.0000 0.0000 0.0000
Prima Biomed (PRR) $93 M -- -- -- -- -- -- 0.0000 -- --
Starpharma (SPL) $250 M -- -- -- -- -- -- 0.0000 0.0000 0.0000
Sirtex Medical (SRX) $601 M 0.4803 0.9033 0.3573 35.6623 18.7370 13.8042 0.0093 0.0178 0.0237

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
SPL -- -- 4.99 -- 4,325
Market 0.82 14.6 1.24 1.87 1.73
Sector 0.93 20.3 2.40 0.54 7.03

Directors
Name Position Start Date
Mr Peter T Bartels Chairman 06 August 2003
Dr Jacinth (Jackie) K Fairley Chief Executive Officer,Executive Director 01 July 2006
Dr Peter J Jenkins Non-Executive Deputy Chairman   
Ms Zita Peach Non-Executive Director 01 October 2011
Mr Peter Turvey Non-Executive Director 19 March 2012
Mr Richard A Hazelton Non-Executive Director 01 December 2006

Management
Name Position
N J Baade Chief Financial Officer
Ben P Rogers Company Secretary
C P Barrett VP, Business Development
M L McColl VP, Business Development
J R Paull VP, Development and Regulatory Affairs
D J Owen VP, Research

Substantial Shareholders
Holding Name
36,614,463 (13.00%) Acorn Capital Limited
23,151,172 (8.22%) Orbis Investment Management Pty Ltd and its related bodies
25,310,817 (8.99%) M&G Investment Management Limited
14,406,827 (5.11%) The Dow Chemical Company

Calendar of Events
Date Event
13 February 2014 Report (Interim)
26 August 2013 Report (Prelim)
26 August 2013 Report (Annual)
© 2011 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg.asp.

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